This is my choice for today. Enjoy!

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2009-11-11.html

After breaking the descendant channel we have been following, pair is set for another ride down; will SNB intervine? seems probable yet something I can’t assure. Here is the link to the new I wrote, and the chart. Remember to watch EUR/CHF!

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=be04a60c-a55b-4539-9beb-b8172d9d2480

Pair finally break under the key 1.0550 level and accelerate to the downside. Testing the base of the daily descendant channel,  pair rebounded strongly from that level, yet remains extremely oversold both in 1 and 4 hours charts. Corrective movements should extend now, with resistances at 1.0490 1.0520 and 1.0550 zone. Confirmations under the channel base, will trigger more selling in the pair, with 1.0420 1.0380 and 1.0350 as immediate support zones.

Taking a look at 4 hours charts, we have a probable head and shoulders figure, with the neck around 1.0790. Actually at 1.0780, a candle opening under mentioned neck line could accelerate the fall, supported by bearish indicators plus price moving under 20 SMA. Immediate support comes at the 1.0750 static support zone, followed by 1.0720, and further, 1.0670 zone. Above 1.0800, resistances lie at 1.0840 and 1.0882, this week high.

I always take a look at EUR/CHF to find clues for Swissy, especially after all the interventions we had since March. First intervention level was 1.5000, while SNB “upgraded” their “standards” and last interventions come when this pair approached to 1.5100. Could it be now 1.5200? I don’t know, but I will be watching carefully. The pair dropped sharply and is just under strong 1.5270/80 support zone. Under this level, lies the 1.5250 zone before key 1.5200. A recovery above 1.5300 will favor more rises, with next resistances at 1.5335 and then 1.5365, this week high.

USD/JPY Current Price 96.44

Pair surpassed yesterday’s high suggesting 96.00 has turned into a key support level to watch. Hourly indicators are clearly bullish despite in smaller time frames pair seems a bit over bought. Expect a minor downside correction before next up leg.
Support levels: 96.20 95.80 95.55
Resistance levels: 96.60 97.15 97.50

 
USD/CHF: Current Price: 1.0837
As, expected 61.8% Fibonacci rally retracement mentioned in Asian update has hold the downside, and the pair is turning slightly bullish in the hourly. So far 200 EMA around 1.0850 is holding the upside and above, 1.0870, 38.2% of the mentioned rally, is the point to watch for further raises.
Support levels: 1.0800 1.0770 1.0720
Resistance levels: 1.0840 1.0870 1.0920

Usd/Chf regained the upside, quoting barely under the 1.0900 level after BIS intervention, and despite exhausted is smaller time frames, pair remains hovering around yesterday’s high. Downside correction, if contained by 1.0840 zone is expected before a new upleg, that will find resistances at 1.0910 and the key 1.0950 congestion zone. Clear movements above that level, will signal more bullish bias in the term. Under 1.0840, supports today lie at 1.0805 and the 1.0770 zone.

All week we have been following Usd/Chf in relation with Eur/chf approaching to the 1.500 key intervention level, during the daily Wrap Up Webinar at 22:30 GMT. Well, time has come and the BIS is bidding the cross that rose almost 280 pips in an hour, reaching a two months high at 1.5285 in less than an hour from 1.5015 zone. Usd/Chf rose to 1.0900 dragging down Eur/Usd to 1.4000 level. Both, Swissy and Euro are correcting from intraday lows against greenback but the perspective pre FOMC has changed in this two pairs. I will post levels and perspective for this ones right now.

Usd/continues pushing higher, reaching the mentioned key zone around 1.1520/40. looking over bought in 4 hours charts yet no signs of reversal yet, actual candle open just together with the 200 EMA, that lost bearish inclination and remains flat. Despite we have Trichet talking right now, this level should limit the upside at least today. Clear break above should trigger more upside momentum in the pair, with next resistances at  1.1580 zone and 1.1620. under 1.1470, consider next supports at 1.1440 and finally 1.1400.

EUR/USD Current price: 1.3292
Bullish dollar momentum across the board, send Euro under 1.3300. Hourly indicators seem exhausted, but no signs of corrective reversion for this rally. Price breaks even under the 200 EMA, and bigger charts suggest further losses for the pair after a corrective movement.
Support levels: 1.3280 1.3236 1.3200
Resistance levels: 1.3340 1.3387 1.3420

USD/CHF: Current Price: 1.1428
After finally broke the range to the upside, the pair trigger and explosive bullish rally. Hourly charts shown a small flag continuation figure, so above first resistance, continuation seems likely for today, despite over bought indicators. Both the 20 SMA and the 200 EMA lie under actual price and will act as support for any corrective movement.

Support levels: 1.1398 1.1365 1.1310
Resistance levels: 1.1444 1.1482 1.1534

Well know that in turmoil times, Swiss Franc tends to be a refugee, a safe haven currency that quickly appreciates, when risk aversion extend wings above market. Yet late movements shown the swissy loosing ground and tending lower (meaning the pair remains bullish in bigger charts) forming a flag in daily charts, that could trigger some very interesting long movements in the medium term. Why is this happening? because deflation threatens the economy, and the National Bank intervention rumors including ideas of quantitative easing are weighting more and more, as the strength  in the currency hits hard he export dependent economy. Is there chances of further upside movements there? no  doubts yet no clear signals of this happening right away: the pair is closer to the mentined flag floor, than to break the roof. But the floor is holding and  longer term bullish perspective will remain intact till a daily clear break under it.

For today, with the pair quoting around 1.5780, consider a first resistance at 1.1620 zone, followed by 1.1651, 1.1680, the zone around 1.1720 and finally 1.1780. Regarding supports, consider 1.1530, 1.1500 zone (ascendant daily trend line) and 1.1438.